Max Corp. was organized on January 1, 2012. It is authorized to issue 250,000 shares of 8%, $110 par value preference shares, and 900,000 shares of ordinary shares with a par value of $4 per share. Journalize the following share transactions that were completed during the first year: Transaction Feb. 1 Issued 50,000 ordinary shares for cash at $7 per share. Date Joumal Entry Mar 2 Issued 14,000 ordinary shares to lawyer in payment of their fees of $70,000 for services rendered in helping the company organize. Joumal Entry April 15 Issued 30,000 ordinary shares for cash at $5 per share. Joumal Entry June 16 Issued 25,000 preference shares for cash at $130 per share Joumal Entry June 20 Issued 25,000 ordinary shares for Equipment. The asking price of the equipment was $130,000; the fair value of the equipment was $95,000. Journal Entry